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Latest Insurance Talent Perspectives

Building and Maintaining a Strong Employer Brand

In today’s competitive labor market, a strong employer brand is a key differentiator in recruiting top talent, reducing costs, enhancing the candidate pool, and retaining high performers by instilling pride in their roles and company. 

View our latest white paper for tips to ensure your company represents itself as an employer of choice.

Q3 2024 Insurance Labor Market Study Results

The Jacobson Group and Aon conduct a Semi-Annual Insurance Labor Market Study to examine industry hiring and revenue trends and projections. The findings of our Q3 2024 iteration reflect a relatively stable labor market, with modest job growth.

Download the results to explore 2024’s staffing forecasts and hiring plans for the insurance industry.

Combatting the Finance and Accounting Talent Shortage

Faced with a shallowing pool of emerging talent and a workforce nearing retirement, finding qualified accounting and finance professionals has been an intensifying challenge for the industry. A comprehensive multi-prong approach is necessary to cultivate a workforce that can meet evolving demands and ensure operational continuity.

Read our blog post for insights on staying ahead of the growing finance and accounting talent crisis.

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Insurance Labor Study Results: The Candidate-Driven Market Continues

We recently completed the Q3 2019 iteration of our Semi-Annual U.S. Insurance Labor Outlook Study, and the results are in! The study, conducted by The Jacobson Group and Aon plc, collects revenue and hiring projections across the insurance industry. Below are a few highlights from the latest results; make sure to download the full results summary, webinar and slide deck for additional insights and commentary. We found positive staffing expectations overall. Sixty-two percent of companies plan to increase staff in the next year, with 9.3 percent of companies foreseeing more than 20 percent growth. This is largely driven by the life and health verticals, as 85 percent of these companies expect to expand their workforces. However, the industry has been growing notably faster than anticipated. Just 3.5 percent of insurance carriers planned to increase their staff sizes by more than 20 percent between July 2018 and July 2019, compared to 10.5 percent that actually did. It’s possible growth could again surpass expectations. The Q3 2019 study found technology, claims and underwriting talent to be in the highest demand as companies look to expand. The life and health sectors are particularly interested in growing their technology staffs, as are commercial lines carriers, while personal lines companies are focusing more on claims roles. The majority of organizations across all verticals expect to maintain their use of temporary employees, with 13 percent planning to leverage more interim staff in the coming year. While most insurers are looking to hire, they continue to face a candidate’s market driven by mass retirements and nearly non-existent unemployment. According to the Bureau of Labor Statistics, the insurance industry’s unemployment rate landed at 2.2 percent in August, compared to 3.7 percent for the overall labor market. Additionally, since its employment low in April 2011, the insurance carriers sector has added 117,900 new jobs, putting further strain on companies struggling to find qualified talent for the roles they need to fill. To stand out among other individuals looking to capitalize on the candidate-driven market, learn how to prepare for any type of interview; consider brushing up on your leadership skills; and subscribe to The Career Catalyst (on the right side of this page) to be the first to read our exclusive insights into career management, professional development and more.

Q3 2019 Labor Market Study Results Infographic

The results of the third quarter iteration of the 2019 U.S. Insurance Labor Outlook Study are now available. The study, led by The Jacobson Group and Aon, examines insurance industry labor and hiring trends. View this infographic for the highlights.

Welcome to The Career Catalyst

We’re excited to launch The Career Catalyst, our new blog aimed at providing insights on professional development topics for individuals at all levels of the insurance industry. Whether you’re embarking on a job search, looking to grow as a professional or getting ready to take the next step in your career, we hope to be a valuable resource. Since 1971, The Jacobson Group has helped more than 10,000 insurance professionals reach their career objectives. We are dedicated to creating meaningful career matches and look forward to sharing the insights and expertise we’ve cultivated over the years in The Career Catalyst. Check back often for articles on career management, development, interview preparation and more. To be notified when a new article has posted, subscribe to The Career Catalyst using the subscription box in the right-hand navigation of this page. If there are particular topics you think would be valuable, don’t hesitate to email marketing@jacobsononline.com and we will be happy to take them into consideration. Interested in working with Jacobson? Visit the Careers section of our site to learn more. View our insurance talent blog, The Jacobson Journal, here.

Getting Internal Buy-In for Temporary Talent

Insurers are facing a challenging recruiting climate, driven by mass Baby Boomer retirements, a low unemployment rate and continued job growth. There are currently about 250,000 open roles in finance and insurance alone, and not enough qualified individuals to fill them. Insurers that have been operating with lean workforces or tackling unforeseen workloads will likely feel the impact of this candidate-driven market at some point: overworked employees, lack of time for long-term projects and inadequate resources to modernize antiquated systems, to name a few. Gig workers are becoming a standard component of many organizations’ comprehensive talent plans. According to The Jacobson Group and Aon plc’s most recent U.S. Insurance Labor Market Study, 13 percent of insurers plan to increase their use of temporary staff in the next 12 months. Temporary talent is a cost-effective, proven solution that enables many organizations to successfully manage workload influxes. Whether your company is filling the gaps between full-time hires, tackling special projects or working to manage seasonal workloads, temporary employees may provide the right solution to achieve your goals. Often, the first step in incorporating contract or freelance workers into your talent strategy is aligning department heads or other key stakeholders. If your team is ready for temporary talent, here are a few ways to gain internal support. Shift the mindset. Focus on the value and benefits of interim staff.It’s possible you may have to overcome a few common misconceptions to achieve internal buy-in, especially if your company has never used temporary talent. Some may think these employees will be less qualified than permanent employees or not suitable for client-facing tasks due to a lack of immersion in the company culture. However, most gig workers are skilled in their fields and many are working as contractors by choice. Additionally, qualified staffing firms have processes in place to accurately evaluate character and insurance expertise, ensuring they deliver the right interim professionals for your specific need. Start small.If your company is hesitant about using temporary talent, suggest beginning on a small scale. This provides a low-risk opportunity to build a relationship with a staffing firm and become familiar with the process and benefits. By starting out on a trial basis or to support a small or short-term project, you’ll be able to demonstrate the value and flexibility of a blended workforce.  Build the business case. Focus on the cost of vacancy.No matter how amazing your company, at least some employee turnover is inevitable. Research shows the average time to fill a position in the financial services sector is 45.6 days. Harvard shares that an employee’s value to a company is typically three times that individual’s salary. Based on this information and 230 productive days in a calendar year, the cost of vacancy for a $50,000-a-year role would be nearly $30,000. Interim employees provide a cost-effective way to maintain service levels and productivity to bridge these employment gaps. Avoid staff burnout during peak workloads.During times of increased workloads, such an open enrollment, a large new client, systems migrations or natural catastrophes, insurers risk overextending or burning out staff. While some of these needs are sudden, others are seasonal and their timing is somewhat predictable. By building relationships with staffing firms before needs arise, insurers can bring in additional resources while keeping full-time employees engaged and productive. Access talent from across the country.Regardless of an organization’s geographic location, staffing firms often have connections to talent across the country. Depending on the need and skill levels, these individuals are typically able to work remotely or willing to travel to your location for the project’s duration. Agencies with national footprints can provide access to professionals who are skilled in the specific functions your organization requires and can often put you in touch with this talent almost instantly. Be proactive in overcoming potential hurdles. Have an onboarding plan.As with any type of employment, providing temporary employees with the tools and resources to complete their tasks is an important component of their effectiveness. Create an onboarding plan for their first week on the job. This includes setting clear expectations about the role, as well as establishing open lines of communication. By treating them as an extension of your team, you’ll help immerse these employees in the company culture and best set them up for success. Make the contract process as smooth as possible.A common challenge when starting out with a staffing agency is the time and number of individuals involved with a contract or master service agreement. Start building relationships with staffing firms before an urgent need arises. While contracts often have a reputation for being drawn-out and tedious, a conference call to align all parties beforehand can lessen some of the back and forth and streamline the process. If your department is still on the fence about the need for temporary talent, consider the following questions: Is your staff currently at or overcapacity? What plans are in place to keep staff productive and engaged if unforeseen projects arise? Does your organization currently have expected peak workload seasons? How are you ensuring optimal productivity and customer satisfaction? Are there any initiatives that won’t be completed this year due to lack of time or talent? By overcoming any hesitations within your department or company, sharing the business case and championing your temporary employees’ success, you’ll be best positioned to gain buy-in and move your conversations into action.  

Taking a Strategic Approach to Professional Development

Professional development is essential in creating the leaders the insurance industry needs as today's mass retirements continue. By taking a strategic approach, insurers can develop employees in ways that keep them engaged while also positioning their organizations for long-term success.

Insurance Industry Growth Leads to Competitive Labor Market

The results from our most recent Semi-Annual U.S. Insurance Labor Outlook Study are now available! The study, conducted by The Jacobson Group and Aon plc, uncovers revenue and hiring trends within the insurance industry. We are highlighting key data points from the Q3 2019 results, and you can download the full results summary, webinar and slide deck for additional insights and commentary. The latest survey shows positive staffing expectations with 62 percent of companies planning to increase staff, up one point from January’s iteration of the study. This is largely driven by the life and health verticals: 85 percent of these companies expect to expand their workforces. Fueling this growth is an increase in business volume, which 58 percent of total respondents listed as the primary reason-to-hire in the coming year. Likewise, revenue growth expectations remain high. Seventy-nine percent of surveyed organizations foresee revenue growth during the next 12 months, the same percentage as our January study. Life and health companies are particularly optimistic, with 92 percent reporting an expected increase, 22 percentage points higher than six months ago. Though the industry’s staffing and revenue outlook remains positive, insurers continue to face a challenging labor market compounded by mass retirements and nearly non-existent unemployment. According to the Bureau of Labor Statistics, the insurance industry’s unemployment rate landed at 1.6 percent in July, compared to 3.7 percent for the overall labor market. Additionally, the insurance carriers sector has added 116,100 new jobs since its employment low in April 2011. In fact, eight of 12 industry job categories have seen recruiting difficulty increase during the past year, further illustrating the industry’s war for talent persists. Insurance companies are experiencing the most difficulty in sourcing and attracting qualified technology, actuarial and executive talent. In addition, technology is the area most likely to see growth across the industry in the coming year.  As demand for insurance talent continues to outpace supply, recruiting difficulty will further intensify and insurers will need to seek out new recruiting and retention strategies. To stay competitive, insurance organizations may consider recruiting for skills rather than specific job experience, adjusting expectations around hiring to consider candidates’ perspectives, and implementing flexible work environments. In the past year, the industry grew 1.31 percent versus an anticipated rate of 0.60 percent last July. If the industry stays true to its plans for the next 12 months, employment will again increase. To access the latest growth projection, along with additional insights into the industry’s labor outlook for the next year, download the full results of the study.

Humanizing Accounting and Finance Modernization

As the insurance industry adopts new technologies and undergoes modernization efforts, accounting and finance departments have much to gain. Automation is allowing for reduced processing times, increased efficiency and higher service levels. More redundant tasks within bookkeeping and data entry are being taken over by artificial intelligence, and machine learning is identifying patterns and streamlining customer interactions. These advancements offer endless possibilities for the insurance industry. Data can be used to create customer profiles and personas to maximize relevance and provide personalized customer experiences. Tasks that once took weeks or months to complete can be accomplished in a matter of hours – or even instantaneously. However, we’re far from workplaces run solely by machines. In order for these initiatives to be most effective, a human element is vital. As automation replaces more monotonous tasks, employees’ time will be freed up for strategizing, advising and analyzing the insights provided by technology. In fact, the World Economic Forum expects more than 58 million net new jobs to be created as a result of AI and automation in just a few years.  As organizations undergo modernization efforts, employees often have uncertainties about the state of their current roles and responsibilities, including whether or not they’re part of an organization’s future plans. While it’s important to embrace the opportunities created by new technology, keeping employees engaged throughout modernization processes is a key component for success. A third of workers are anxious about what automation means for their jobs, making them less confident and innovative in their work. To help employees embrace new technology and processes, it is vital organizations take a human approach to modernization. Prioritize communication.In times of change, communication is crucial. Ease any employee concerns or fears by committing to open and transparent communication around modernization initiatives, timelines, and impact on the company, department and individual roles. Develop a communication plan that takes into account what you will share, as well as when and how you will communicate it. Perhaps this includes a department-wide meeting to introduce initial information, then on-going team or one-on-one meetings to address specific details and answer any questions. Encourage feedback and ask for employees to be open and honest with their concerns. Be empathetic.It can be easy to focus on the tactical side of rolling out a new process, implementing a new system or software, or collecting accurate data. No matter how hectic your schedule or how intricate the project details, remember to listen and be empathetic to your most important resource: your staff.  Employees are often comfortable with their roles and current processes and may be hesitant to embrace change. Listen to these concerns and ask about any fears. Often, they are the result of uncertainties and can be easily relieved or lessened. Put yourself in your employees’ shoes and let them know how any larger issues are being addressed. Make sure to focus on the benefits of new technology and how it will ultimately help them perform their job, or free them up for more strategic tasks. Train for future skills. Help further ease employees’ fears by being proactive about training for new programs, processes and skills. Many in the finance profession, especially those in more senior roles, were trained for traditional processes and methods. AI is a new horizon. Demonstrate your commitment to individuals’ ongoing success and accept they may be hesitant about their abilities to grasp new techniques. Incorporate training and new skills into their formal career development plans. You may also want to have a few individuals become experts in the space and offer peer-to-peer training, while serving as project advocates. Highlight the importance of human skills. In analytical fields, such as accounting and finance, soft or human skills are vital in communicating the importance of data and giving meaning to numbers. For instance, storytelling abilities often set the most effective and influential financial professionals apart. A strategic mindset, the ability to problem-solve and leadership skills are also attributes today’s machines are unable to replicate. Understand how technology and human insights can best complement each other. Encourage employees to hone skills that can lend insight and value to modernization efforts. In many cases, AI can remove human inconsistencies, biases and errors. However, it has its limitations and shouldn’t be used in isolation; the human mind is still important in accurate and thoughtful decision-making. Involve employees in the process. The more involved employees are, the more likely they will understand changes and support them. Often, subject matter experts are brought in to lead these initiatives, enabling full-time leaders to remain focused on their standard responsibilities. Employees often wonder what these special projects mean for them and their departments. Consider rethinking this process and asking employees if they would want to actively participate or help drive these projects. By involving your staff in a hands-on way, they’ll become more invested and committed to the process. Bring in subject matter experts to manage day-to-day workloads, or ask current staff to work closely with them on modernization projects. These consultants are experts in their fields and require little ramp-up time, enabling your department to continue running with no gaps in output or efficiency. There are many opportunities to leverage automation and artificial intelligence within the accounting and finance space. As technology advances, capabilities will only grow and the need for modernization will increase. Recognize the importance of technology in staying competitive and enhancing your team; yet remember human talent is a vital component for success. By keeping all lines of communication open, proactively sharing information and involving employees in the process, your team will be best positioned to embrace modernization while remaining engaged and effective.

Prioritizing Diversity and Inclusion in the Workplace

Published in the Insurance Journal The insurance industry is making strides in its diversity and inclusion efforts. By making it a priority, organizations can build innovative teams that will be successful in the future of work.

Preparing for Open Enrollment Now to Avoid Burnout Later

The 2020 healthcare open enrollment period is nearly here, slated to run from Nov. 1 to Dec. 15, 2019, with Medicare open enrollment from Oct. 15 to Dec. 7. As you know, with this seasonal spike in enrollment comes a much heavier workload. How can you best prepare for the influx to avoid staff burnout and increase productivity during this peak period? Focus on Top Priorities Open enrollment puts particular pressure on member and provider service representatives, enrollment analysts, and clerical resources. These essential functions will be tasked with a higher-than-normal workload this fall, resulting in competing priorities. A recent study found it takes as long as 23 minutes to return to an important project after an interruption, such as an email or phone call. With the urgency introduced by open enrollment, your staff does not have time to waste refocusing. Consider how to mitigate distractions by setting expectations around communication. Additionally, build a relationship with a staffing firm now to ensure you have enough resources when needs arise. Though you can’t eliminate interruptions entirely, this will allow you to spread out projects among qualified team members and lessen the impact of lost time. Insurance-focused staffing firms already have open enrollment on their radars and are building benches of relevant resources for you to leverage, allowing you to fill talent gaps and avoid overloading existing staff. Increase Productivity Through Effective Time Management Similarly, time management will become one of your employees’ most important skills during open enrollment. Harvard Business Review found executives have the ability to free up 20 percent of their employees’ time by introducing greater discipline in regard to time management. Giving your staff the tools to excel at managing their own projects will relieve you from some oversight pressure, make employees feel more confident and motivated, and help your organization keep up with demand. Start training your personnel on how to prioritize, set boundaries and communicate efficiently so they’re ready for heightened workloads in the coming months. When hiring new resources, consider staff with proven track records of effective time management so you can efficiently focus on the projects at hand. Build the Right Team with the Right Skills While functions essential to open enrollment may not require large teams year-round, this season has different demands. With peak periods comes temporary talent, and it’s important to determine the skills vital to each team before it’s time to hire those resources. Beyond technical requirements, optimize your team’s impact by hiring with human skills in mind. For member service representatives, you may prioritize empathy and sincerity; for internal-facing employees, perhaps you’re seeking strong verbal communication skills to ensure they proactively and clearly update their managers on project work. It’s best to create an enterprise-wide strategy regarding necessary non-technical attributes to promote team alignment and enable cross-departmental collaboration come open enrollment time. Save Money Through Strategic Talent Arrangements A major benefit of utilizing a temporary staffing provider is access to a larger candidate pool. Staffing firms maintain relationships with the talent you need, so they can provide consultants with the exact skills you’re looking for at a moment’s notice. These specialized resources are ready to hit the ground running, decreasing training and ramp-up time and increasing ROI. Being open to flexible work solutions, including work-from-home talent or consultants who may not work during typical office hours, will also widen the candidate pool, giving you the opportunity to work with the best talent for your situation and often allowing for cost savings. Implementing remote work opportunities and flexible hours opens your organization up to retired subject matter experts, consultants beyond your standard geographical reach and more. These arrangements maximize productivity and improve employee morale, both of which are vital during open enrollment. At Jacobson, we’ve built a robust pipeline of qualified candidates to help insurers meet their impending needs. From work-at-home resources to on-site talent, our database of insurance professionals encompasses all the functions impacted by open enrollment year after year. Is your organization prepared to tackle the 2020 open enrollment period?

What Does the Candidate-Driven Market Really Mean for Insurers?

In order to be successful in today's candidate-driven market, it is important for insurers to consider the candidate's perspective and motivations. By doing so, insurers can be strategic about offers and counter offers and remain competitive in a candidate's market.

Key Attributes of Tomorrow’s Insurance Leaders

The insurance talent landscape is shifting. Many senior-level employees are nearing retirement, Millennials and GenXers are moving into leadership positions, and members of Generation Z are securing their first jobs. Along with these demographic shifts, technology is redefining roles, making today’s desired leadership skills much different than those of even 10 years ago. Current insurance leaders are responsible for much more than driving financial success and managing operations. They have multifaceted roles to fill, and must be able to engage and inspire diverse employees, champion inclusivity, push through adversity and continually innovate. At the same time, they’re tasked with being technologically adept and understanding how to best balance their employees’ skillsets with automation. Deloitte’s 2019 Global Human Capital Trends survey found 80 percent of respondents highly prioritized leadership, yet only half that amount said their organizations were ready to meet today’s leadership requirements. Just 30 percent reported their organizations were effectively developing leaders to meet new challenges.    As insurance organizations undergo modernization efforts and shift their focus to the customer experience and anticipating consumer needs, human talent is more important than ever before. Professionals of all levels are differentiating themselves through skills and attributes that are difficult for machines to replicate, such as strategic thinking, delegation and negotiation skills, prioritization ability, and attention to detail. Here are a few of the key traits that are vital for this new type of leader: Emotional Intelligence: Today’s leaders are moving out of an isolated corner office and ingraining themselves within their organizations. They should be adept at listening to employee concerns and proactively seek out feedback. As automation becomes a larger part of business, emotional intelligence and soft skills such as empathy will set effective leaders apart. In fact, 90% of employees are more likely to stay with a company that is empathetic to their needs. Agility: Today’s business climate is constantly changing. Leaders must be prepared for anything and be able to navigate these shifts while continuing to motivate and inspire employees. This includes the ability to confidently make quick decisions and adjust priorities based on new information. Creativity: Without creativity, insurers will be left behind or lost among similar organizations. By seeking opportunities for improvement and innovation, the next wave of leadership will be able to keep their organizations relevant. These are just a few of the characteristics necessary for successful leadership. In our recent white paper, JoJo Harris, senior vice president of The Jacobson Group, dives into these attributes and several more, and outline the steps companies can take to identify and develop new leaders. View “Developing a New Type of Leader for the Evolving Industry” to learn more.

Q3 2019 U.S. Insurance Labor Market Study Results

The latest survey shows positive staffing expectations with 62 percent of companies planning to increase staff, up one point from January's iteration of the study. This is largely driven by the life and health verticals...